SoftBank Funds Millions Of US Dollars In Support of China’s ZT Global Crypto Exchange

SoftBank is a UK-based bank and also is Ripple’s partner. SoftBank has funded millions of dollars into the Chinese firm ZT Global’s digital exchange. Colin Wu, a Chinese journalist, posted a tweet in which he stated that Softbank, who is the owner of the MoneyTap Payment app that is Ripple supported, has prepared to make its first investment worth millions of US Dollars into the blockchain ecosystem, starting from the Chinese exchange, ZT Global.

A shock for the Chinese community

The ZT was part of many headlines last year because of its disputes with its investors, which involved the legal authorities and the police, according to Wu. Wu said that the Chinese investor community is very shocked by this investment.

The UK-based SoftBank group took a very different approach and did not disclose the amount that they invested into the Chinese crypto exchange company ZT. The only news which was published is that it included a multi-million US dollar amount.

This exchange was founded by the giant company, ZT Global and it emerged for the first time in Hong Kong in 2018. The sources state that the exchange company is included in the top 20 list presently, but CoinMarketCap doesn’t have the same views and does not think it belongs in the top 20.

SoftBank plans on extending crypto knowledge and investments

SoftBank has also planned to partner up with ZT Global and invest in the blockchain and crypto projects that already have investments by ZT. Both the companies have a joint aim of creating awareness about digital assets and currencies globally and form a new age of digital economy.

Yamada Toshikatsu, the head of investments at SoftBank, is planning to start investing in the DLT space to some of his friends at various large banking systems, for example, Goldman Sachs and Morgan Stanley.

After the completion of this investment, SoftBank and ZT are planning on working together to make a new ecosystem based on blockchain, as stated by the head of ZT Global Crypto exchange company, Li Xiaocheng.

All of these plans aside, this plan of SoftBank to make an investment in ZT exchange does not have much financial upside and could be very risky, according to Wu.